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RESTRICTED WT/TPR/S/375 6 June 2018 (18-3455) Page RESTRICTED WT/TPR/S/375 6 June 2018 (18-3455) Page: 1/193 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT CHINA This report, prepared for the seventh Trade Policy Review of China, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from China on its trade policies and practices. Any technical questions arising from this report may be addressed to Masahiro Hayafuji (tel: 022 739 5873); Pierre Latrille (tel: 022 739 5266); Arne Klau (tel: 022 739 5706); and Usman Ali Khilji (tel: 022 739 6936). Document WT/TPR/G/375 contains the policy statement submitted by China. Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on China. This report was drafted in English. WT/TPR/S/375 • China - 2 - CONTENTS SUMMARY ........................................................................................................................ 9 1 ECONOMIC ENVIRONMENT ........................................................................................ 15 1.1 Main Features of the Economy .....................................................................................15 1.2 Recent Economic Developments ...................................................................................15 1.2.1 Monetary and exchange policy ...................................................................................19 1.2.1.1 Monetary policy ....................................................................................................19 1.2.1.2 Exchange rate policy .............................................................................................20 1.2.2 Fiscal policy and reform ............................................................................................21 1.2.3 Other structural measures ........................................................................................23 1.2.4 Balance of payments ................................................................................................24 1.3 Developments in Trade and Investment ........................................................................27 1.3.1 Trends and patterns in merchandise and services trade ................................................27 1.3.2 Trends and patterns in FDI .......................................................................................30 2 TRADE AND INVESTMENT REGIMES........................................................................... 31 2.1 General Framework ....................................................................................................31 2.2 Trade Policy Framework and Objectives .........................................................................32 2.2.1 Institutional framework ............................................................................................32 2.2.2 Trade policy formulation and objectives ......................................................................32 2.3 Trade Agreements and Arrangements ...........................................................................34 2.3.1 WTO ......................................................................................................................34 2.3.2 Regional trade agreements and unilateral measures .....................................................34 2.3.3 Other agreements and arrangements .........................................................................36 2.4 Investment Regime ....................................................................................................36 2.4.1 Regulatory framework and market access ...................................................................36 2.4.2 Examination and approval procedures ........................................................................41 2.4.3 Incentives for foreign investment ...............................................................................43 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 45 3.1 Measures Directly Affecting Imports ..............................................................................45 3.1.1 Customs procedures, valuation, and requirements .......................................................45 3.1.2 Rules of origin .........................................................................................................46 3.1.3 Tariffs ....................................................................................................................47 3.1.3.1 Applied MFN tariffs ................................................................................................47 3.1.3.2 Tariff rate quotas ..................................................................................................48 3.1.3.3 Bound rates .........................................................................................................49 3.1.3.4 Preferential tariffs .................................................................................................49 3.1.3.5 Tariff exemptions and concessions ..........................................................................50 3.1.4 Other charges affecting imports .................................................................................50 3.1.5 Import prohibitions, restrictions, and licensing ............................................................52 3.1.6 Anti-dumping, countervailing, and safeguard measures ................................................54 WT/TPR/S/375 • China - 3 - 3.1.6.1 Anti-dumping measures .........................................................................................54 3.1.6.2 Countervailing measures ........................................................................................59 3.1.6.3 Safeguard measures .............................................................................................60 3.1.7 Other measures affecting imports ..............................................................................61 3.2 Measures Directly Affecting Exports ..............................................................................61 3.2.1 Customs procedures and requirements .......................................................................61 3.2.2 Taxes, charges, and levies ........................................................................................61 3.2.3 Export prohibitions, restrictions, and licensing .............................................................62 3.2.4 Export support and promotion ...................................................................................64 3.2.5 Export finance, insurance, and guarantees ..................................................................65 3.3 Measures Affecting Production and Trade .......................................................................67 3.3.1 Incentives ...............................................................................................................67 3.3.2 Standards and other technical requirements ...............................................................71 3.3.2.1 Overview .............................................................................................................71 3.3.2.2 Product certification ..............................................................................................74 3.3.2.3 Labelling and packaging .........................................................................................75 3.3.3 Sanitary and phytosanitary requirements ....................................................................76 3.3.4 Competition policy and price controls .........................................................................77 3.3.4.1 Competition policy ................................................................................................77 3.3.4.1.1 Legislative and institutional framework .................................................................77 3.3.4.1.2 Monopoly agreements .........................................................................................80 3.3.4.1.3 Dominant market positions ..................................................................................80 3.3.4.1.4 Mergers and acquisitions .....................................................................................81 3.3.4.1.5 Administrative monopoly .....................................................................................83 3.3.4.1.6 Enforcement ......................................................................................................83 3.3.4.1.7 International cooperation ....................................................................................84 3.3.4.2 Price controls........................................................................................................84 3.3.5 State trading, state-owned enterprises, and privatization .............................................87 3.3.6 Government procurement .........................................................................................89 3.3.6.1 Overview .............................................................................................................89 3.3.6.2 Legal and institutional framework ...........................................................................90 3.3.6.3 Procurement methods and procedures
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